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Fitch: Herbert Park B.V.'s Ratings Unaffected By Swap Counterparty Addition

Reuters - UK Focus

Dec 17 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says that Herbert Park B.V. notes' ratings will not be impacted by the addition of J.P. Morgan Securities Plc as an asset swap counterparty. Fitch has reviewed the swap documentation and it is in compliance with Fitch's counterparty criteria.

Herbert Park B.V. is an arbitrage cash flow collateralised loan obligation that closed in September 2013. Net (Frankfurt: NETK.F - news) proceeds from the issuance of the notes were used to purchase a EUR400m portfolio of European leveraged loans and bonds. The portfolio is managed by Blackstone (NYSE: BX - news) /GSO Debt Funds Management Europe Limited. The reinvestment period is scheduled to end in 2017.